Fannie Mae-No Politics (FNMA)

[big-yank]

I think that Ackman cares greatly about the warrants, and all common shareholders should, too. Prior to 2008, common divvies were paying $.50/Q out of generated income. In a diluted scenario the divvy would be reduced to $.40 at parity with 2007 metrics. On a 100 M common shareholding, that costs Ackman $160 M per year. That is not chump change. Then there is the concurrent impact on expected share price.... $15 to $20 with warrants, $60 to $80 without warrants.

JMHO.